Australia's inflation rate has dropped to its lowest level in three years, reaching 2.7% in August thanks to government cost-of-living relief and cheaper petrol. While this is welcome news for households, the Reserve Bank of Australia (RBA) plans to wait for a more sustained decline before considering interest rate cuts.
The inflation rate has fallen to its lowest in three years, according to the latest CPI data from the Australia n Bureau of Statistics.The inflation rate has fallen to its lowest in three years, according to the latest CPI data from the Australia n Bureau of Statistics.Inflation dived last month to its lowest rate in three years as government cost-of-living relief and cheaper petrol helped household budgets.
The underlying inflation measure, which strips out more volatile price movers, also fell. Known as the trimmed mean, this gauge came in at 3.4%, down from July’s 3.8%.17.9% thanks to government rebates, while automotive fuel was 7.6% cheaper. Renters, though, didn’t get much relief, with the annual increase at 6.8%, slightly lower than previous months.
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